Fitch Ratings affirms Oman Re's rating and revises its outlook upwards

Fitch Ratings has confirmed the "BB+" financial strength rating of Oman Reinsurance Company (Oman Re). The rating reflects the reinsurer's good financial performance and strong capitalization.

The rating agency raised the rating outlook from stable to positive. This decision follows the upward revision of the sovereign ratings outlook for the Sultanate of Oman and five local banks.

The company is still exposed to investment risk, however, due to its assets being concentrated in the Omani banking system.